Retirement Account Planning Under the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, effective January 1, 2020, changed the landscape of retirement planning. Among its many modifications are: (i) allowing retirement contributions to continue until age 72, (ii) delaying required minimum distributions (RMDs) from age 70 ½ to age 72, and (iii) largely eliminating the “Stretch IRA” that deferred taxation of inherited accounts over a non-spousal beneficiary’s lifetime.

Our new alert offers approaches to managing the tax and other consequences of the new law, including:
• Application of RMD Rules
• Time Frames for Distributions
• Trusts Named as Beneficiaries
• Contributions to a Charity
• Strategies for Roth Accounts